{
  "docId": "019dd923-622b-71dc-a6d9-cbb60c6d54dd",
  "docSlug": "02937c7c09c0",
  "documentTitle": "Advance Auto Parts (AAP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-09-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 23,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "peer_gap",
  "function": "expose_gap",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide uses a bar chart to visualize the margin gap and sets a 'Starboard Margin Target' benchmark.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-cbb60c6d54dd/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.85
      },
      "kind": "callout",
      "text": "We believe AAP can close the vast majority of this margin gap",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c098e154-03ad-4144-9a9a-6abfe7ea3631",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "chart",
      "text": "LTM EBITDA Margins Substantially below Peers",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ee312b5-5f37-454a-8b67-235e4b1b905f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 900bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba84-ad8bc188f914",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "AAP's EBITDA margins trail peers O'Reilly and AutoZone by 800bps and 900bps, respectively. We believe that the vast majority of this difference is due to operational execution, rather than structural differences.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "540f011c-a6b6-4a04-b991-1ddbedf06558",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Public filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f28f9db6-8a1d-4027-bb37-77745db66913",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Margin Improvement Opportunity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e62e68e0-c147-42ae-959a-ca95db4570a1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Peer gap chart",
      "slug": "peer-gap",
      "agent": null,
      "layer": "slide",
      "matchId": "40b3e43f-56fa-4efe-96c7-bb098bc1caf0",
      "evidence": "paragraph/paragraph: AAP's EBITDA margins trail peers O'Reilly and AutoZone by 800bps and 900bps, respectively.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "4f02570c-2552-499f-b831-38dea74755d0",
      "evidence": "Comparing AAP margins to peers to highlight performance gap",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}